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On May 3, Zirbal Corporation purchased 7,500 shares of its own stock for $67,500 cash. On November 4, Zirbal reissued 1,650 s of this treasury stock for $16,500. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. View transaction list Journal entry worksheet 1 2 Record the purchase of 7,500 shares of its own stock for $67,500 cash. Note: Enter debits before credits. Date May 03 Record entry General Journal Clear entry Debit Credit View general journal

On May 3, Zirbal Corporation purchased 7,500 shares of its own stock for $67,500 cash. On November 4, Zirbal reissued 1,650 s of this treasury stock for $16,500. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. View transaction list Journal entry worksheet 1 2 Record the purchase of 7,500 shares of its own stock for $67,500 cash. Note: Enter debits before credits. Date May 03 Record entry General Journal Clear entry Debit Credit View general journal

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On May 3, Zirbal Corporation purchased 7,500 shares of its own stock for $67,500 cash. On November 4, Zirbal reissued 1,650 shares of this treasury stock for $16,500. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. View transaction list Journal entry worksheet 1 2 Record the purchase of 7,500 shares of its own stock for $67,500 cash. Note: Enter debits before credits. Date May 03 Record entry General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:On May 3, Zirbal Corporation purchased 7,500 shares of its own stock for $67,500 cash. On November 4, Zirbal reissued 1,650 shares of this treasury stock for $16,500. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. View transaction list Journal entry worksheet 1 2 Record the purchase of 7,500 shares of its own stock for $67,500 cash. Note: Enter debits before credits. Date May 03 Record entry General Journal Clear entry Debit Credit View general journal
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